Macy’s, Inc. reported total sales of $2.18 billion for the four weeks ended Nov. 28, 2009, a decrease of 6.3% compared with total sales of $2.32 billion in the four weeks ended Nov. 29, 2008.
On a same-store basis, Macy’s, Inc. sales were down 6.1% in November.
The company noted that it had expected year-over-year sales comparisons to be weaker for November than for December, and that the two-month holiday selling period should be viewed together.
December 2009 includes one additional selling day before Christmas.
Moreover, the company anticipated some shift of holiday sales into December as the result of an earlier Friends & Family event, which was moved up to the first week of December and promoted prior to Thanksgiving. This shift caused some customers to postpone purchases and dampened Thanksgiving Weekend sales, which were below expectations despite strong customer traffic early on Black Friday.
In addition, weather throughout November was unseasonably warm, negatively impacting the sale of coats, sweaters and other winter merchandise during the month.
The company reaffirmed its previously provided guidance for fourth quarter sales and earnings. Macy’s, Inc. expects fourth quarter same-store sales to be down 1 percent to 2 percent and earnings per share on a diluted basis to be $1.00 to $1.05, excluding restructuring-related costs.
For the year to date, Macy’s, Inc. sales totaled $17.817 billion, down 7.6 percent from total sales of $19.282 billion in the first 43 weeks of 2008. On a same-store basis, Macy’s, Inc.’s year-to-date sales were down 7.3 percent.
Macy’s, Inc.’s online sales continued to be strong in November, reflecting the company’s multichannel integration strategies. Online sales (macys.com and bloomingdales.com combined) were up 22.6 percent in November 2009 and 16.5 percent for the year to date. Online sales are included in the same-store sales calculation for Macy's, Inc.
